Slide 1: Focused on copper: 2024 Full Year Results
Focused on copper 2024 Full Year Results 18 February 2025
Slide 2: Agenda for today
Agenda for today 1 | Key highlights 2 | Financial review 3 | Sustainability review 4 | Growth pipeline 2 Antofagasta plc | 2024 Full Year Results
Slide 3: Safety highlights
Safety highlights Prioritising safety to deliver value Key leading indicator: High Potential Incidents Key lagging indicators: Fatalities and TRIFR 38% reduction YoY, including HPI-free year at Zaldívar Fatality-free year and strong peer group performance 35 6 TRIFR 6 ICMM Average TRIFR 30 5 5 FCAB
Slide 4: Key highlights: Delivery of growth
Key highlights Delivery of growth Robust operational delivery with 664kt copper at a net cost $1.64/lb Higher production expected in 2025 with cash cost tailwinds (guidance: 660-700kt at cash cost of $1.45-1.65/lb) Strong financial performance continues, with EBITDA margins +300bps to 52% 5% revenue
Slide 5: Copper market outlook
Copper market outlook Positive fundamentals Copper consumption1 Copper supply (primary)1 Supply gap emerging1 +2.0% forecast per annum (2024-2034) -1.0% forecast per annum (2024-2034) 790kt approvals required per annum to meet rising consumption Electrification and energy Geological constraints Lack
Slide 6: Country update: Chile
Country update: Chile Investment grade jurisdiction Chile: +20 years of investment grade ratings • October 2024: S&P upgrades outlook to stable (rating A) • Mining represents a major component of Chile’s economy – c.14% of GDP1 New mining royalty enacted • Applicable at Los Pelambres and Zaldívar fr
Slide 7: Financial review summary
Financial review summary Well-funded portfolio delivering strong copper margins A portfolio of copper assets…. …delivering strong margins 70% Los Pelambres Centinela 56% EBITDA margin 48% EBITDA margin 60% 320kt production 224kt production EBITDA Margin (%) 50% $1,861m EBITDA $1,130m EBITDA 60% owne
Slide 8: Growth programme
Growth programme Differentiated via higher growth with lower risk profile Higher growth / higher risk Higher growth / lower risk 10% Lower operational risk 8% ‒ 100% current production in Chile ‒ Well-established mining industry in Chile Increasing growth 3 6% ‒ Fully permitted growth projects Incre
Slide 9: Financial review
2 Financial review FY 2024 Results MAURICIO ORTIZ Chief Financial Officer 9 Antofagasta plc | 2024 Full Year Results
Slide 10: Financial highlights
Financial highlights Delivery and balance sheet enable growth IMAGE IMAGE IMAGE IMAGE Revenue +5% EBITDA +11% EBITDA margin Net debt / EBITDA FY Dividend2 $6.6 Bn $3.4 Bn Revenues growth and robust cost control 52 % Towards top-end of copper pure-play 0.48 x Committed to a strong balance sheet and 3
Slide 11: Financing strategy as a key enabler
Financing strategy as a key enabler Strengthening cash flows at the Group level Tenor Objectives Debt capital markets 10 Third corporate bond issuance years • $750M senior unsecured notes due 2034, announced April 2024 • General corporate purposes Funding growth Structured finance 12 Centinela Secon
Slide 12: Production and cash costs
Production and cash costs Operational performance compensates for lower YoY grades Copper production Lower grades at Los Pelambres and Centinela Concentrates, offset by Centinela Cathodes Higher throughput at Los Pelambres following expansion Cash cost component of Competitiveness Programme benefit
Slide 13: EBITDA and margin
EBITDA and margin Improving margins 48.8% 51.8% $340m 493 +11% 123 $3,427m (6) (204) 12 19 (68) (29) $3,087m Sales 3% lower YoY following adverse weather conditions at Associates & JVs end of period. comprising: Copper pricing 8% Zaldívar: +$13m $million higher YoY Buenaventura: +$109m FY 2023 Reali
Slide 14: Balance sheet
Balance sheet Balancing growth, dividends and a strong balance sheet 0.38x 0.48x 3,211 65 Growth and development project (667) pipeline 50% pay out ratio in respect of 2023 (1,160) (1,629) (2,415) (143) (124) 157 4 (557) Net debt EBITDA Working Tax Capex Net interest Other non- Dividends Dividends C
Slide 15: Capital allocation framework
Capital allocation framework Creating sustainable value and shareholder returns CONSISTENT APPROACH TO CAPITAL ALLOCATION Sustaining capex and mine development OPERATING CASH FLOW 793 389 Mine development 35% CAPITAL OUTFLOW SUSTAINING CAPEX & MINE DEVELOPMENT 756 867 Sustaining COMMITTED DIVIDEND C
Slide 16: Sustainability review
3 Sustainability review FY 2024 Results ALEJANDRA VIAL Vice President of Sustainability 16 Antofagasta plc | 2024 Full Year Results
Slide 17: Sustainability highlights
Sustainability highlights Developing mining for a better future IMAGE IMAGE IMAGE IMAGE Health and safety Workforce balance Community engagement Decarbonisation Climate resilience 0.57 26.6 % Female representation +150 Projects under Somos Choapa during 50% Target for reducing Scope 1 and 2 400 l/s
Slide 18: Safety deep-dive
Safety deep-dive Significant milestones achieved Key safety highlights Key metric: LTIFR 2.5 12 Zero Operations continue fatality free in 2024, with Group LTIFR falling to 0.57 Transport Division 10 2.0 96% improvement in 10 years LTIFR (Mining Division) LTIFR (Transport Division Los Pelambres’ LTIF
Slide 19: Community engagement: Somos Choapa (2014-2024)
Community engagement: Somos Choapa (2014-2024) Celebrating 10 years of partnership and empowerment Image: Water storage ponds for local communities, built under Confluye Programme (part of Somos Choapa) Image: Ceduc Campus, Choapa Province’s only technical professional training centre Programme over
Slide 20: Growth pipeline
4 Growth pipeline FY 2024 Results IVÁN ARRIAGADA Chief Executive Officer 20 Antofagasta plc | 2024 Full Year Results
Slide 21: Indicative pathway to achieve growth
Growth pipeline Indicative pathway to achieve growth Los Pelambres growth Centinela growth Increasing grade Increasing throughput Mine plan progressing through Medium term 2Y low grade window (‘24-’25) 107ktpd Ore grades processed Existing Concentrator capacity (+ Cathodes) +30% FY25: Production 660
Slide 22: Project update: Centinela Second Concentrator Project
Project update: Centinela Second Concentrator Project Delivering growth in copper and by-products Image: Installation of ore rehandling tunnels, main concentrator site Image: Concrete pouring, main concentrator site Project overview and update • Description: Brownfield development to add 170,000 ton
Slide 23: Projects update: Los Pelambres
Projects update: Los Pelambres Creating a platform for future growth Image: Access road construction, ahead of installing pipeline (lower section) Image: Water tanks for existing desalination plant (right) and expansion (left) Concentrate pipeline and El Mauro Enclosures Desalination plant expansion
Slide 24: Beyond our operations: Exploration and investments
Beyond our operations Exploration and investments Cachorro exploration Encierro exploration Investment in Compañía de project, Chile (100% ANTO) project, Chile (61.9% ANTO) Minas Buenaventura S.A.A. 1.26% Mineral Resource copper grade 0.65% Mineral Resource copper grade 19% Of outstanding shares hel
Slide 25: Antofagasta investment case
Antofagasta investment case Focused on copper Delivering the… Energy security and Pure-play electrification copper with… Pure Copper Attractive High Strong Lower attributes margins growth risk built on… Solid Leaders in Strong balance Dividend foundations sustainability sheet commitment Underpinned
Slide 26: Appendices
Appendices FY 2024 Results 26 Antofagasta plc | 2024 Full Year Results
Slide 27: Cautionary statement
Cautionary statement This presentation has been prepared by Antofagasta plc. By reviewing and/or attending this presentation you agree to the following conditions: This presentation contains forward-looking statements. All statements other than historical facts are forward-looking statements. Exampl
Slide 28: At a glance
Content TBC – same as per previous presentations At a glance Antucoya • 70% owned • Copper production1: 80,400 t Group • Remaining mine life2: 19 years • 65% owned by Luksic Group, 35% free float • Reserves3: 691 Mt @ 0.30% Cu • Market cap: $18.2 billion (10 February 2025) • FTSE 100 Index constitue
Slide 29: Revenue
Revenue 29 Antofagasta plc | 2024 Full Year Results
Slide 30: Net earnings
Net earnings 30 Antofagasta plc | 2024 Full Year Results
Slide 31: Cash flow
Cash flow 31 Antofagasta plc | 2024 Full Year Results
Slide 32: Capital expenditure
Capital expenditure 32 Antofagasta plc | 2024 Full Year Results
Slide 33: Group 2024 production cost breakdown
Group 2024 production cost breakdown 33 Antofagasta plc | 2024 Full Year Results
Slide 34: Production and metals prices
Production and metals prices 34 Antofagasta plc | 2024 Full Year Results
Slide 35: Unit cash costs
Unit cash costs Group cash costs 1 2019 2020 2021 2022 2023 FY 2024 2025E Group cash costs ($/lb) Los Pelambres 1.40 1.27 1.59 1.84 1.92 2.09 2.05 - 2.25 Centinela 1.83 1.85 1.87 2.44 2.57 2.60 2.30 - 2.50 Antucoya 2.17 1.82 2.04 2.50 2.63 2.53 2.60 - 2.80 Zaldívar 1.75 1.80 2.39 2.39 2.95 3.02 2.80